Reply #51: Chinese demand changed. You mean like this?

[mbperrin]

http://www.iht.com/articles/2008/03/24/business/chioil.php

Chinese demand for oil up 6.2%

BEIJING: Oil demand by China rose 6.2 percent in February, picking up the pace from a sluggish January as state-owned companies increased imports to ensure plentiful domestic supplies before the Olympics, according to data released Monday.

The increase exceeded the 3.3 percent rise in January and the 3.5 percent rate for all of 2007. Political pressure has been intensifying for the government-controlled Sinopec and PetroChina to keep their retail outlets well stocked, despite losing money by refining imported crude at prices above $100 a barrel.

"The government's policy since the last quarter of 2007 has been playing a big role to ensure supply," said Yan Kefeng of Cambridge Energy Research Associates. "Refiners were forced to slash exports and raise imports."

<snip>

In February, China increased its purchases of crude oil by 18.1 percent compared to a year earlier, matching a record set in April 2007 of 3.6 million barrels a day, official customs data confirmed Monday.